Publishing house Ziff Davis Media announced today that it has filed for Chapter 11 bankruptcy due to mounting debt that now totals between $500 million and $1 billion.

Ziff Davis is the publisher of such well-known gaming standards as 1UP.com, Electronic Gaming Monthly, Games for Windows, and PC Magazine.

If approved by the court, the company will be tasked with restructuring its finances. An ad hoc noteholder group is planning to pay up to $24.5 million to keep Ziff Davis afloat during the Chapter 11 case.

CNET is reporting that Napster has filed for bankruptcy protection. This is not surprising considering as bankruptcy filing was part of the deal where the German media giant Bertelsmann will purchase the assets of the company for $8 million. Napster has been offline since July of last year, and was unable to work out a deal with the record companies to get the file sharing service back up.